Today's Trans Mountain green light gives him some confidence in the pipeline. He expects more court challenges. he doesn't think the Transmountain will cause a huge amount of environmental harm and is likely safer than transferring oil by train. Also, oil pipelines won't be around one day as we transition to cleaner energy...Markets are up today Trump threatened China with more tariffs--this is theatre of the absurd, a crazy way of running things.... The US Fed: he wouldn't be surprised if they said they saw some negative numbers (i.e. unemployment). "We may see some negative indications, but we're not ready to cut....yet."

A must-hold for his clients. Great profits and it has enormous runway for growth in southeast Asia, eastern Europe and Africa. Visa could be three times bigger. It's partnering with everyone who needs a payment platform.

It's not talked about like it used to. It's huge growth 15 years ago has tapered off. HD lives and dies with the home reno business. It's well-run. It is effected by e-commerce like all retailers though.

The airlines are a lot smarter now. It's an oligopoly in the U.S. Only a few airlines control the gates at major airports. Flights fly to hubs and not between smaller cities, which is inconvenient for consumers. They also charge consumers for every little thing like peanuts. Also, more people can afford to fly now.

They made a huge acquisition of Hull Consulting. Earnings come out on Thursday. It is economically sensitive--that's a caveat. He expects pretty good earnings, but wait until earnings are released to be safe.

A power house and great company, but it has one big problem: it operates in a dictatorship. What's to stop the government from replacing all its managers or hijacking all shareholder value? Look at what the Chinese government has done to Canadian canola oil producers.

Anti-trust fears Privacy is an interesting topic now. Millions of people have open microphones (i.e. Alexa) in their homes--people are willing to sacrifice their privacy to enjoy the convenience of their technology. He doesn't expect Mark Zuckerberg to go to jail, not at all. Nor will Facebook go bankrupt because of anti-trust laws. There are two big car companies in the U.S., three major airlines, five big banks in Canada, and so on.

Recession fears hitting BPY.UN Lower interest rates help them, because their properties are leveraged. The Brookfield group as a whole has a very long-term horizon, and an investor should buy with that long time frame. This will do well in the long, long term.

(A Top Pick Jun 12/18, Up 60%) It has since got taken out. He expected this to be a steady-eddy that pays a solid yield. Then Brookfield bought it. There ya go. He'll take that return.

(A Top Pick Jun 12/18, Down 13%) He's sold out. It yield around 4.1% and trading at a crazy-loaw 5.5x forward earnings. The car business is notoriously cyclical and it currently on the down side. Can they remain profitable now? If they can, then GM is a huge bargain, but if they can't, then sell GM.

(A Top Pick Jun 12/18, Down 2%) He bought it when Desmarais died and expected his heirs to inject fresh ideas. The NAV is now far ahead of the stock price. Still owns it, getting a nice 5.75% dividend. There are small signs that management is trying to make investors happier, but falling rates is negative for all insurers like POW, he's disappointed that a catalyst hasn't pushed these assets to their full potential.

Why own a big pharma chain? They're battling e-commerce and there are many many locations in the US. He has sees no value in this space. Avoid it.

He owns it for the 5% dividend, not growth. It's well-managed; they get things built and move the product. Don't expect the growth of 10 years ago, though. Solid assets.

He holds zeo gas exploration, but if he had to own one, it would be this for its integration. The Oil Sands are a costly asset as the world moves away from fossil fuels. Oil prices may not reach the highs of a few years ago. He doesn't like commodities, because the market tells you what that commodity is worth. He doesn't like price-takers, but price-makers (like airlines).